Since it's Budget day we will be looking to see whether anything the government does will impact on interest rates or the housing market. There may well be some incentives for savings, such as moving the PIE tax rates to make funds slightly more favourable. On the other side there could be more disincentives for property investors - however we don't think the government will tinker here.
The most interesting piece of news yesterday was that Moodys downgraded the long-term, senior unsecured debt ratings of Australia's four major banks from to Aa2 from Aa1. You can see what Moody's said here
